Page:Charters of the Weehawken ferry company.djvu/8

Rh AN ACT

TO INCORPORATE THE RAMAPO AND WEEHAWKEN PLANK ROAD COMPANY, IN THE STATE OF NEW-JERSEY.

1. by the Senate and General Assembly of the State of New Jersey, That Dudley S. Gregory, Francis Price, Hugh Maxwell, jun., Ashbel Green, Edward Suffern, Henry M. Alexander, Rodman M. Price, Garret G. Ackerson, John Lovett, jun., and Abraham Van Horn, and such other persona as may hereafter be associated with them, shall be, and are hereby constituted a body politic and corporate in law, by the name of "The Ramapo and Weehawken Plank Road Company."

2. And be it enacted, That the capital stock of the said corporation shall be three hundred thousand dollars, and shall be divided into shares of fifty dollars each, which shall be deemed personal estate, and shall be transferable in such manner as the by-laws of said corporation shall direct. 3. And be it enacted, That the above-named persons, or a majority of them, shall open books to receive subscriptions to the capital stock of the said corporation, at such time or times, and place or places, in the county of Hudson, as they, or a majority of them, may think proper, giving notice thereof, at least twenty days prior to the opening of said books, in one or more newspapers printed in the county of Hudson; and at the times and places so fixed, the said commissioners, or a majority of them, shall attend and receive subscriptions to the capital stock; and at the time of subscribing for said stock, five dollars on each share subscribed shall be paid to the said commissioners; and the residue may be called in, and shall be paid at such times and in such amounts, by instalments, as is by this act hereinafter directed.

4. And be it enacted, That whenever there shall be five hundred shares of the said stock subscribed, and the amount of five dollars on each share paid in, as before directed, the said commissioners, or a majority of them, shall give notice, as above specified, for a meeting of the stockholders for the purpose of choosing directors, and organizing said company, and of which said election the said commissioners, or a majority of them, shall be the judges; which subscribers, when so met, shall proceed to elect, by ballot, from among the stockholders, nine directors, a majority of whom shall be citizens and residents of this state, and hold their office for one year, and until others are elected; and each stockholder, at such election, and at all future elections of said corporation, shall have one vote for each share they may hold at the time of such election; and that such stockholders may vote at any election by proxy duly authorized for that purpose.

5. And be it enacted, That a majority of the board of directors shall at all times be a quorum for the transaction of business, and may have